by Rick Moran
The U.S. economy shrank by 0.4% in the first quarter of 2022 — 1.4% on an annualized basis. Since a “recession” is generally defined as two straight quarters of negative growth, we can all celebrate the fact that we’re halfway to misery.
It’s not like recession indicators haven’t been blinking red for a while. But none of this fazes the happy folk at the New York Times who see absolutely no cause for concern. The Times economics reporter Ben Casselman wrote that “strong consumer spending and continued business investment suggested that the recovery remained resilient.”
Oh, yeah?..